Terms & Conditions
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1. Monthly Savings Payment
Minimum ₹1,000/- contribution. Contributions can be increased in multiples of ₹1,000/-.
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2. Membership Enrollment
The scheme can be enrolled on any date of the month.
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3. Monthly Payment Due Date
Subsequent monthly payments shall be made on or before the enrolled date of each month.
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4. Tenure of the Scheme
The tenure of the scheme is 12 months only.
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5. Bonus Contribution
Customers shall pay monthly installments for 11 months. Upon successful completion of all installments, the company shall contribute the 12th month's installment as a complimentary benefit.
11 + 1 BenefitPay for 11 months and receive the 12th month's contribution from the company at no additional cost.
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6. Redemption
Upon completion of the scheme tenure, customers may purchase silver items or jewellery worth the total amount paid by them, along with the complimentary 12th month's contribution, subject to stock availability.
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7. Product Availability
Redemption under the scheme shall be limited to silver items and jewellery available in stock at the time of purchase.
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8. Missed Payments
If a customer misses a monthly payment and is unable to make the cumulative payment in the following month, the maturity date shall be extended by the number of months delayed.
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9. Default Limit
A maximum of two (2) monthly defaults shall be permitted during the tenure of the scheme.
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10. Discontinuation
In the event of discontinuation, customers may purchase silver items or jewellery equivalent to the amount paid under the scheme after completion of the applicable tenure. The complimentary 12th month's contribution shall not be applicable unless all scheme conditions are fulfilled.
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11. GST and Other Taxes
Applicable GST and statutory taxes shall be borne by the customer at the time of final purchase.
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12. No Cash Refund
Under no circumstances shall the accumulated payments made under the scheme be refunded in cash, bank transfer, or any other monetary form.
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13. Redemption Period
Customers shall redeem their savings within 30 days from the date of maturity. Failure to redeem within this period may result in forfeiture of the complimentary 12th month's contribution.
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14. Transferability
The scheme membership is non-transferable unless otherwise approved in writing by the management.
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15. Management Rights
The management reserves the right to amend, suspend, or discontinue the scheme in compliance with applicable laws and regulations. Such changes shall not affect amounts already accumulated by existing customers.
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16. Disputes
All disputes arising out of or in connection with this scheme shall be subject to Bangalore jurisdiction only.
